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Financial Reporting Requirements

Public companies with more than $10 million of assets whose shares are held by more than 500 investors are required to file auditor’s annual reports (Form 10-K or 10-KSB) and quarterly reviewed reports (Form 10-Q or 10-QSB) with the SEC.

The annual report of public companies normally contains the following financial information:

1. Audited financial statements, including their notes

2. MD&A of financial condition and results of operations

3. Management certifications of financial statements and internal controls

4. Management’s assessment of the effectiveness of ICFR

5. ACR

6. Independent auditor’s report on financial statements

7. Independent auditor’s report on the effectiveness of ICFR

8. Five-year summary of selected financial data

9. Summary of selected quarterly financial data for the past two years

10. Quarterly market data for the past two years, including high and low stock prices for common stock, dividends paid, and price earnings ratio.

Section 302

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